SEOUL, Dec. 10 (Korea Bizwire) — Samsung Electronics Co.’s mobile payment system is moving to expand into the banking sector to offer more diverse services to users, the South Korean tech giant said Sunday. The company said that starting Thursday, the payment system installed on some of its newer smartphones can be used to carry [...]

SEOUL, Jul. 14 (Korea Bizwire) — Convenience stores are emerging as the darling of South Korean lenders that are trying to cope with rising costs amid the fast-changing business environment centered on growth in online and mobile banking services. At the forefront of such a move are Internet-only banks such as K-Bank, which have no [...]

SEOUL, June 2 (Korea Bizwire) – Samsung Electronics Co. said Friday it has reached an agreement with three local banks to allow users to use banking services via its voice command program, Bixby. The South Korean tech giant said under the project with Shinhan Bank, Woori Bank and KEB Hana Bank, users can ask the [...]

SEOUL, May 23 (Korea Bizwire) – South Korea has trumped other Asian Pacific countries in terms of mobile financial service usage, a report showed Monday. Users in South Korea had over 7 billion sessions in banking apps in 2016, which was nearly four times as many compared to Australians, according to the latest report by [...]

SEOUL, April 13 (Korea Bizwire) – Last year, South Korea’s banking industry saw its employee count drop by 2,248 to 114,775, and 175 bank branches closed down – the biggest drop ever – with the number of ATMs falling to 48,474 from 51,115. The trends are reflective of the inevitable prevalence of internet banking. Bank [...]

SEOUL, March 28 (Korea Bizwire) – Banks in South Korea sharply downsized their headcounts, branches and automated instruments in 2016 to cut costs amid rapid growth in mobile and Internet banking, government data showed Tuesday. The combined workforce of lenders operating in the country stood at 114,775 as of the end of last year, down [...]

SEOUL, March 16 (Korea Bizwire) – South Korea was the sixth-biggest target of Trojan horse malware attacks in mobile banking last year, a multinational cybersecurity firm said Thursday. The most vulnerable country was Russia, followed by Australia, according to the Kaspersky Security Bulletin 2016. The Russian multinational cybersecurity and anti-virus provider, Kaspersky Lab, said it [...]

SEOUL, Dec. 8 (Korea Bizwire) – The number of cash dispensers (CD) and automated teller machines (ATM) fell for a second straight year in 2015 on growing demand for Internet and mobile banking services, South Korea’s central bank said Thursday. The Bank of Korea said the number of CDs and ATMs across the country came [...]

SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday. The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the [...]